Related Products

The Construction Home Loan from Pacific Mortgage Group (PMG) offers competitive interest rates, redraw options and flexible repayments to suit a wide variety of borrowers.

If you’re looking for a home loan in order to fund a construction project, Pacific Mortgage Group’s Construction Home Loan offers competitive variable interest rates and unlimited redraw transactions to those who qualify. This loan is also ideal for borrowers looking for money for an investment property, to consolidate their debts or to purchase or refinance a home. Borrow up to $5,000,000 for a term anywhere from 1 to 30 years.

If you don’t think this particular home loan suits your current needs, PMG also offers the Standard Variable Home Loan, the Fixed Rate Home Loan, the Line of Credit Home Loan and the Standard Lo-doc Home Loan. PMG also allows you to combine different available loans in order to give you more features and greater flexibility to suit your specific financial needs.

Pros

No application fee, valuation fee and ongoing fee.

No discharge fee

Cons

Redraw Facility

Not suitable for investment purpose

Things to consider about the PMG Construction Home Loan.

The Construction Loan from PMG is tailored to suit borrowers looking to purchase an investment property or for those looking to purchase or refinance a home. It’s also suitable for those looking to consolidate their debts. PMG offers highly competitive variable interest rates while offering a number of additional features like unlimited redraw transactions.

Another factor to consider when looking at this loan is the fees. PMG actually doesn’t charge an application fee, a settlement fee, a valuation fee or a monthly/annual fee. This is an attractive feature to most borrowers.

Features of the PMG Construction Home Loan

Loan term. You can secure the PMG Construction Home Loan for as little as 1 years and as long as 30 years. The loan term is the amount of time you have to repay your PMG loan. Shorter home loans require a higher repayment amount but allow you to get out of debt faster, while longer loan terms equate to smaller repayment amounts but will have you holding the debt for a longer amount of time.

Loan amounts. A Construction Home Loan from PMG allows you to borrow up to $5,000,000, and have a maximum LVR of 80%. LVRs of 90% are available but it should be noted that this is only available with a maximum loan amount of $750,000, or $500,000 if you're buying in a regional area.

Repayment options. PMG offers flexible repayment options. You can choose to make repayments monthly, fortnightly or weekly. You can also choose between paying the principal and interest or the interest-only, while payments can be made through direct debit or by direct salary crediting.

Unlimited redraw option. PMG’s Construction Home Loan also comes with unlimited redraw transactions. There is no maximum limit on this and no additional cost to you. This feature is made available to you 24 hours after lodgement.

Fees

Fees you can avoid

Monthly/annual fee. PMG doesn’t tack on a monthly or annual fee to this loan. This is rare for a home loan as most lenders charge some kind of ongoing fee to cover expenses.

Application fee. There is also no application fee that you need to pay during the application process. This means you can apply for the PMG Construction Home Loan free of charge.

Settlement fee. There is a settlement fee attached to the PMG Construction Home Loan. A settlement fee is usually paid once the loan application is finalised.

Valuation fee. There’s no valuation fee at all unless you cancel the loan once PMG has already begun to process the loan. If you do cancel the loan during this period, the fee is $236.50.

Fees you can’t avoid

None. According to PMG, there are no unavoidable fees attached to this loan. However, this doesn’t mean that there aren’t penalties that can be tacked onto the loan for things like late repayments. To get a clearer picture of the fees or penalties that might be applied to your Construction Home Loan, please check the Product Disclosure Statement.

How to apply for the PMG Construction Home Loan

You will need to meet the following criteria in order to qualify for the loan:

You have to be 18 or older

You must be an Australian resident with a valid Australian address

You have to have a designated income and a good credit history

After you submit your enquiry and hear back from PMG you can start the actual application process. You’ll need to supply the following information and documentation when applying:

Personal information. You’ll need to provide personal information including proof of identity. This can be a valid driver’s licence, a valid passport or a valid Medicare card.

Financial information. You’ll need to provide proof of income from all income sources, usually in the form of payslips. You may also have to provide bank statements, a list of assets and liabilities, and proof of your expenses.

Property information. This may include the contract of sale or the land rates notice and the certificate of title.

When you’re looking to apply for any kind of home loan, including the PMG Construction Home Loan, you should first compare similar available offers. By comparing home loans based on their loan terms, amounts, interest rates and fees, you can make sure that whichever loan you pick is the best fit for your individual financial situation.

Related Posts

The PMG Standard Lo-Doc Home Loan does not charge any monthly or annual account-keeping fees, and its repayment flexibility enables borrowers to repay their loans off sooner without worrying about paying penalties.

If you’re looking for a flexible and cost-effective way to finance the purchase of an investment property or a home, or to consolidate your existing debt, the PMG Standard Variable Home Loan could suit you.

Ask an Expert

Do not enter personal information (eg. surname, phone number, bank
details) as your question will be made public

finder.com.au is a financial comparison and information service, not a bank or
product provider

We cannot provide you with personal advice or recommendations

Your answer might already be waiting – check previous questions
below to see if yours has already been asked

Your Question

Subscribe to the Finder newsletter for the latest money tips and tricks

Notify me via email when there is a reply

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880. Please refer to our FSG - Financial Products. We also provide general advice on credit products under our own Credit Licence ACL 385509. Please refer to our Credit Guide for more information. We can also provide you with general advice and factual information on about a range of other products, services and providers. We are also a Corporate Authorised Representative of Countrywide Tolstrup Financial Services Group Pty Ltd. ABN 51 586 953 292 AFSL 244436 for the provision of general insurance products. Please refer to our FSG - General Insurance. We hope that the information and general advice we can provide will help you make a more informed decision. We are not owned by any Bank or Insurer and we are not a product issuer or a credit provider. Although we cover a wide range of products, providers and services we don't cover every product, provider or service available in the market so there may be other options available to you. We also don't recommend specific products, services or providers. If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan. (c) 2018.

Feedback

How likely would you be to recommend finder to a friend or colleague?

0

1

2

3

4

5

6

7

8

9

10

Very UnlikelyExtremely Likely

Required

Required

Required

Optional, only if you want us to follow up with you.

By submitting your email, you agree to the finder.com.au Privacy Policy

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Important information about this website

finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.

finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.

Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.

The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.

Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.

We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.

Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.

Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.

Please read our website terms of use for more information about our services and our approach to privacy.